ZMMK.TO vs. MNU-U.TO

Last updated Jun 4, 2026

ZMMK.TO (BMO Money Market Fund ETF Series) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, ZMMK.TO returned 3.85%/yr vs 4.82%/yr for MNU-U.TO. At a correlation of -0.06, they often move in opposite directions. ZMMK.TO charges 0.13%/yr vs 0.20%/yr for MNU-U.TO.

Performance

ZMMK.TO vs. MNU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Money Market Fund ETF Series (ZMMK.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZMMK.TO is traded in CAD, while MNU-U.TO is traded in USD. To make them comparable, the MNU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMMK.TO achieves a 0.95% return, which is significantly lower than MNU-U.TO's 2.42% return.

ZMMK.TO

• 1D: -0.01%
• 1M: 0.19%
• YTD: 0.95%
• 6M: 1.13%
• 1Y: 2.48%
• 3Y*: 3.85%
• 5Y*: —
• 10Y*: —

MNU-U.TO

• 1D: 0.42%
• 1M: 2.21%
• YTD: 2.42%
• 6M: 0.89%
• 1Y: 4.15%
• 3Y*: 4.82%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMMK.TO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZMMK.TO BMO Money Market Fund ETF Series	0.95%	2.77%	4.94%	3.34%
MNU-U.TO Purpose USD Cash Management ETF	2.42%	-1.74%	13.18%	0.54%

Correlation

The correlation between ZMMK.TO and MNU-U.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 1, 2023	-0.06

Return for Risk

ZMMK.TO vs. MNU-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZMMK.TO

ZMMK.TO Risk / Return Rank: 100
ZMMK.TO Sharpe Ratio Rank: 99
ZMMK.TO Sortino Ratio Rank: 100
ZMMK.TO Omega Ratio Rank: 99
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

MNU-U.TO

MNU-U.TO Risk / Return Rank: 99
MNU-U.TO Sharpe Ratio Rank: 99
MNU-U.TO Sortino Ratio Rank: 99
MNU-U.TO Omega Ratio Rank: 99
MNU-U.TO Calmar Ratio Rank: 98
MNU-U.TO Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZMMK.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Money Market Fund ETF Series (ZMMK.TO) and Purpose USD Cash Management ETF (MNU-U.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ZMMK.TO	MNU-U.TO	Difference
Sharpe ratio Return per unit of total volatility	9.66	0.91	+8.75
Sortino ratio Return per unit of downside risk	23.92	1.27	+22.66
Omega ratio Gain probability vs. loss probability	5.45	1.16	+4.29
Calmar ratio Return relative to maximum drawdown	82.88	1.04	+81.85
Martin ratio Return relative to average drawdown	377.25	2.70	+374.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMMK.TO vs. MNU-U.TO - Sharpe Ratio Comparison

The current ZMMK.TO Sharpe Ratio is 9.66, which is higher than the MNU-U.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of ZMMK.TO and MNU-U.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZMMK.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.66	0.91	+8.75
Sharpe Ratio (All Time) Calculated using the full available price history	10.29	0.85	+9.44

Drawdowns

ZMMK.TO vs. MNU-U.TO - Drawdown Comparison

The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum MNU-U.TO drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and MNU-U.TO.

Drawdown Indicators

	ZMMK.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-5.44%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-4.02%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-0.08%	-5.44%	+5.36%
Current Drawdown Current decline from peak	-0.02%	-0.58%	+0.56%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.70%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.54%	-1.53%

Volatility

ZMMK.TO vs. MNU-U.TO - Volatility Comparison

The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.06%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.83%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMMK.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.83%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.46%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	4.59%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	5.28%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	5.28%	-4.94%

ZMMK.TO vs. MNU-U.TO - Expense Ratio Comparison

ZMMK.TO has a 0.13% expense ratio, which is lower than MNU-U.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZMMK.TO vs. MNU-U.TO - Dividend Comparison

ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, less than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%	0.00%	0.00%
ZMMK.TO BMO Money Market Fund ETF Series	2.53%	3.02%	4.66%	4.98%	1.95%	0.04%

Frequently Asked Questions

Can I hold both ZMMK.TO and MNU-U.TO in my portfolio?

ZMMK.TO and MNU-U.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZMMK.TO or MNU-U.TO?

On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZMMK.TO or MNU-U.TO?

ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.20% for MNU-U.TO.

What is the main difference between ZMMK.TO and MNU-U.TO?

ZMMK.TO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.13% for ZMMK.TO and 0.20% for MNU-U.TO.